First Trust Correlations

Etfs . USA . 
Etf . First Trust SMID
FSGS Etf   30.53  0.17  0.56%   
The current 90-days correlation between First Trust SMID and Tidal ETF Trust is 0.58 (i.e., Very weak diversification). The correlation of First Trust is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

First Trust Correlation With Market

Poor diversification

The correlation between First Trust SMID and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Trust SMID and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with First Etf
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in First Trust SMID. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in census.

Moving together with First Etf

  0.62IWN iShares Russell 2000PairCorr
  0.64CALF Pacer Small CapPairCorr
  0.68JNUG Direxion Daily JuniorPairCorr
  0.7GDXU MicroSectors Gold MinersPairCorr
  0.66NUGT Direxion Daily GoldPairCorr
  0.74AGQ ProShares Ultra Silver Buyout TrendPairCorr
  0.69GGLL Direxion Daily GOOGLPairCorr
  0.67XYLD Global X SPPairCorr
  0.68ESML iShares ESG AwarePairCorr
  0.66XAUG FT Cboe VestPairCorr
  0.68UMAY Innovator ETFs TrustPairCorr

Related Correlations Analysis


First Trust Constituents Risk-Adjusted Indicators

There is a big difference between First Etf performing well and First Trust ETF doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze First Trust's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.
Mean DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
FTXR  1.01  0.21  0.19  0.20  0.96 
(1.17)
 2.94 
(1.82)
 5.96 
WBIF  0.55  0.02  0.02  0.06  0.61 
(0.60)
 1.31 
(1.27)
 3.13 
SAA  1.73  0.20  0.13  0.12  1.67 
(2.00)
 5.11 
(3.71)
 10.19 
ROMO  0.53  0.10  0.06 (1.52) 0.63 
(0.55)
 1.12 
(1.24)
 2.87 
NUDV  0.52  0.11  0.16  0.19  0.33 
(0.64)
 1.16 
(0.83)
 3.37 
EMM  0.77  0.23  0.19  11.31  0.72 
(0.83)
 1.74 
(1.32)
 3.92 
JFLI  0.37  0.05  0.05  0.13  0.37 
(0.40)
 0.69 
(0.91)
 2.63 
IEDI  0.64  0.05  0.07  0.10  0.57 
(0.78)
 1.67 
(1.13)
 4.22 
UYM  1.74  0.48  0.23  0.27  1.59 
(1.84)
 4.25 
(3.08)
 10.17 
DIVY  0.59  0.15  0.20  0.27  0.43 
(0.68)
 1.68 
(1.12)
 3.92 

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